Sequenom's audit contains 'going concern' qualification

By Elaine Rigoli

Tampa, Fla., April 6 - Sequenom, Inc. announced that its financial statements filed with the Securities and Exchange Commission on March 31 contained a going concern qualification from its registered public accounting firm, Ernst & Young LLP, relating to the company's financial statements for the year ended Dec. 31, 2005.

This was based on significant operating losses reported and insufficient cash and investments to fund operations past the second quarter of 2006, according to a news release.

This announcement is in compliance with Nasdaq Rule 4350(b) requiring separate disclosure of receipt of an audit opinion that contains a going concern qualification, and does not reflect any change or amendment to the Dec. 31, 2005 financial statements.

The company recently announced commitments by ComVest Investment Partners II LLC, Pequot Private Equity Fund IV, LP, LB I Group, Inc. (an affiliate of Lehman Brothers), and Siemens Venture Capital GmbH for a $33 million private placement of common stock and warrants to purchase common stock, subject to shareholder approval and other closing conditions.

San Diego-based Sequenom develops genetic analysis products that translate genomic science into solutions for non-invasive prenatal testing, biomedical research, molecular medicine and agricultural applications.

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